REG-Starwood European Real Estate Finance Ltd SWEF: February 2024 NAV

Starwood European Real Estate FinanceAnnouncement

18/03/2024 07:15

============

   Starwood European Real Estate Finance Ltd (SWEF)
   SWEF: February 2024 NAV

   18-March-2024 / 07:00 GMT/BST

   ══════════════════════════════════════════════════════════════════════════

     Starwood European Real Estate Finance Limited (the “Company”) (Ticker:
                                    “SWEF”)

                       Net Asset Value, 29 February 2024

   This announcement contains price sensitive information.

   As at the close of  business on 29 February  2024 the unaudited net  asset
   value (NAV) of the Company’s Ordinary Shares was 103.69p (31 January 2024:
   103.08p). Please refer to  the Reconciliation of  NAV per share  movements
   below for more information.

   Net Asset Value in total:

    

   Loans advanced                                        £258.4m
   Cash and cash equivalents                              £45.1m
   Financial assets at fair value through profit or loss   £1.9m
   Other net assets/(liabilities)                        (£0.3m)
   Net assets                                            £305.1m

    

    

   The Cash and cash equivalents balance  in the table above includes a  cash
   reserve to cover undrawn loan commitments in the portfolio, totaling £32.9
   million, as set out in the table below.

    

   Capital amounts drawn  as at 29  February 2024 and  amounts committed  but
   undrawn as at 29 February 2024 is shown below.

    

                                             Local Currency Sterling (2)
   Amounts drawn £m (1)                             £174.3m      £174.3m
   Amounts drawn €m (1)                              €99.0m       £84.7m
                                                                 £259.0m
   Committed but undrawn cash amounts £m (3)         £32.9m       £32.9m
   Committed but undrawn cash amounts €m (3)          €0.0m        £0.0m
                                                                  £32.9m

    

   (1) The balances shown corresponds to cash advanced.

   (2) Euro amounts drawn and future cash commitments converted at the month
   end spot rate.

   (3) These amounts exclude interest to be capitalized.

    

   The difference  between  amounts  drawn  in the  table  above  and  “Loans
   advanced” in the first table is accrued income and impairment provisions.

    

    

   Reconciliation of NAV per share movements for the month ended 29  February
   2024:

    

    

                                                      February 2024 (pence)
   NAV at the beginning of period                                    103.08
         Operating Income available to distribute (4)                  0.69
         Unrealised FX gains / (losses) (5)                          (0.08)
   NAV at the end of the period                                      103.69

    

   (4)  Operating  Income  available  to  distribute  comprises  loan  income
   recognised in the period less the cost of debt facilities utilised by  the
   Group and operating costs incurred.  It includes realised foreign exchange
   gains and losses that are available to distribute.

   (5) Unrealised foreign exchange  gain/losses relate to  the net impact  of
   changes in  the valuation  of  foreign exchange  hedges and  the  sterling
   equivalent value of Euro loan investments (using the applicable month  end
   rate).  Mismatches between the hedge  valuations and the loan  investments
   may occur depending on the shape of  the forward FX curve and this  causes
   some movement in  the NAV.   These unrealised FX  gains /  losses are  not
   considered part of distributable reserves.

    

    

   All figures herein are published  based on current information,  estimates
   and judgements.

    

                                   Enquiries:

    

   Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary

    

   Duke Le Prevost

   T: +44 203 5303 630

   E:  1 starwood@apexgroup.com

    

   Jefferies International Limited

   Gaudi Le Roux

   Harry Randall

   Ollie Nott

   T: +44 020 7029 8000

    

   Notes: 

   Starwood European Real  Estate Finance  Limited is  an investment  company
   listed on the main market of the London Stock Exchange with an  investment
   objective to conduct an orderly realisation of the assets of the Company. 
    2 www.starwoodeuropeanfinance.com.

    

   The Group's  assets  are managed  by  Starwood European  Finance  Partners
   Limited, an  indirect  wholly-owned  subsidiary of  the  Starwood  Capital
   Group.

   ══════════════════════════════════════════════════════════════════════════

   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

   ══════════════════════════════════════════════════════════════════════════

   ISIN:           GG00BP6VJD72
   Category Code:  NAV
   TIDM:           SWEF
   LEI Code:       5493004YMVUQ9Z7JGZ50
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   310110
   EQS News ID:    1860357


    
   End of Announcement EQS News Service

   ══════════════════════════════════════════════════════════════════════════

    3 fncls.ssp?fn=show_t_gif&application_id=1860357&application_name=news&site_id=refinitiv2

References

   Visible links
   1. mailto:starwood@apexgroup.com
   2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=6c17e6900ed8c3b5447dc05b49ad61d8&application_id=1860357&site_id=refinitiv2&application_name=news


============